In recent times, using blockchain technology and/or tokens to track inventory, including potentially, equities or shares in a fund has been a subject of a lot of discussion. Moreover, the use of smart contracts to generate tokens on a blockchain have also become the subject of a lot of discussion.
One of the defining characteristics of a blockchain is its immutability. As such, current blockchain technology make it difficult to generate new tokens using smart contracts on an underlying blockchain, like Ethereum, which allows for greater flexibility in updating the smart contract coding as well as providing different thresholds of permission to perform essential functions like generate (or “print”) new tokens, distribute new tokens and/or destroy (or “burn”) existing tokens using current blockchain technology.
Accordingly, it would be beneficial to provide for a method, system and program product that provide greater flexibility in updating the smart contract coding as well as providing different thresholds of permission to perform essential functions like generate (or “print”) new tokens, distribute new tokens and/or destroy (or “burn”) existing tokens using current blockchain technology and thus avoid the problems discussed above.